are three to four times higher than they are now. Time is one of your most valuable assets. The sooner you start saving for college, the more time your money will have to grow.

It is less expensive to save for college than to borrow. In both cases, you're setting aside a portion of your income to pay for college. But when you save, the money earns interest, while when you borrow, you're paying the interest. Parents should expect to pay at least half to two-thirds of their children's college costs through a combination of savings, current income, and loans.

Even if college is just a year or two away, it is never too late to start saving. There are tax benefits to saving in a section 529 college savings plan or prepaid tuition plan, and every dollar you save is a dollar less you'll need to borrow.